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Aberdeen's Duce replaces £80m Woodford mandate with Carl Stick
by Eleanor Lawrie on Mar 14, 2014 at 14:27
Duce (pictured), who is co-head of multi-manager at Aberdeen, sold out of the position last month ahead of Woodford’s departure at the end of April.
The holding is understood to form part of a fund of funds run on behalf of Coutts.
‘He [Woodford] did a specific job for us – he had low beta. It was very much a defensive position,’ Duce said.
While Duce rates Barnett highly, he is mindful the fund may no longer offer the defensive characteristics that he requires.
'Mark Barnett is a talent in his own right, I just think the world has changed for him. He has 50 people reporting to him,' Duce said.
‘In the way he runs his portfolio I understand he won’t have as high positions and convictions as Woodford. I think we might have a more diluted Woodford portfolio.’
Stick has strongly outperformed in recent years, rallying after a tricky spell in 2008.
The manager took on £656.5 million Rathbone Income in 2000, and to the end of January it was top quartile over five years, and second quartile in one and three.
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